Under the legislation a group representing residents and businesses can draw up their own plan for housing and development.

BBC: First planning referendum held in Cumbria

Some property companies recovered from losses brought about by fear of further tightening in the housing market: Poly Real Estate Group added 1.4% and China Merchants Property Development rose 1.6%.

WSJ: Asian Shares Mixed Amid Weak Europe Data

Under the legislation a group representing residents and businesses will be able to draw up their own plan for housing and development.

BBC: Eden Valley residents vote for greater planning powers